Which of the following best defines globalisation?
The process of a country isolating itself from international trade
The integration of economies, cultures, and societies through cross-border trade, investment, and technology
A government policy to increase domestic production only
The process of reducing imports to protect local industries
View Answer
Correct Answer: B — The integration of economies, cultures, and societies through cross-border trade, investment, and technology
Explanation:
The correct answer is B: The integration of economies, cultures, and societies through cross-border trade, investment, and technology.
Globalisation refers to the increasing interdependence of world economies through the free movement of goods, services, capital, technology, and people across national borders. It has accelerated since the 1990s due to liberalisation, privatisation, and advances in communication technology.